- Couple’s Retirement Plan Includes Restoring Abandoned House in Japan
- Time to deep-six the 4 percent rule for retirement withdrawals?
- The most surprising things about retirement for women? Costs and timing
- Can Bitcoin Fund Your Retirement? Risks, Benefits, and Strategies
- You’ve Already Saved for Retirement. (Great!) But You Need a Withdrawal Plan, Too
More than half (52 per cent) of UK adults who are single say the financial pressure to meet retirement goals makes them anxious.
Bạn đang xem: Single savers more anxious about retirement than those in relationships
Research by My Pension Expert found 56 per cent of single savers believed relying solely on their own income and savings made it more challenging to save for retirement, with many feeling the weight of the so-called “singles tax”.
This is a term which refers to the financial disadvantages or increased costs that single people may face compared to those who are married or in long-term partnerships.
Xem thêm : Experts: How To Use Retirement Savings in Emergencies — $1,000 Can Be Yours, Penalty-Free
Out of those in a long-term relationship, 59 per cent said having a partner made them feel more secure about their retirement prospects, while 53 per cent of singletons felt at a disadvantage compared to people in relationships when it came to saving for retirement.
Lily Megson, policy director at My Pension Expert, said, “Retirement planning is undoubtedly a challenge for everyone, but our research highlights the unique pressures faced by singles, who often bear the full financial burden of saving alone.
“Without the ability to pool resources, solo savers must stretch their income further, which can lead to increased anxiety and a sense of financial disadvantage.
“The number of people in the UK living in single-person households is growing, so it’s never been more important to address the financial shortfall that singles are battling.
“Regardless of gender, relationship status, or any other personal circumstances, people deserve to feel safe and secure in their retirement planning, rather than penalised.”
Xem thêm : Reinvesting Your RMD in Retirement? Here’s What You Need to Know.
The research also revealed half of single people were concerned they may need to work longer than people who are married in order to save enough for retirement.
Just 38 per cent of all savers regardless of relationship status, felt confident that they would have enough funds to enjoy a financially secure retirement.
“Retirement planning is complex and requires thoughtful engagement, yet many remain disconnected from the process. For single savers, the challenge is even greater as they prepare for their financial futures independently.
“This highlights the need for targeted government initiatives to support the savings efforts of this growing demographic, increasing access to financial education and advice for all will be key to bridging savings gaps amongst all,” Megson added.
Nguồn: https://factorsofproduction.shop
Danh mục: News
Leave a Reply